WASHINGTON, D.C. (BRPROUD) – You have 76 days to submit your 2021 tax returns.
Unless you file an extension, the deadline is Monday, April 18.
Some people may end up with a smaller refund this year.
The 2021 Child Tax Credit and Advance Child Tax Credit Payments are adding an extra layer to filing your taxes.
The Internal Revenue Service is providing a lengthy question and answer fact sheet about the 2021 Child Tax Credit and Advance Child Tax Credit.
This particular IRS Fact Sheet was updated on Tuesday, February 1.
Changes were made to one question and a new question was added to the fact sheet.
Both questions have to do with reconciling your Advance Child Tax Credit Payments.
The first question and answer is provided below:
- Question: How do I know if I don’t qualify for the repayment protection for filers based on their income during 2021?
Answer: You won’t qualify for any repayment protection if your modified adjusted gross income (AGI) is at or above the following amount based on the filing status on your 2021 tax return:
$120,000 if you are married and filing a joint return or if filing as a qualifying widow or widower;
$100,000 if you are filing as head of household; and
$80,000 if you are a single filer or are married and filing a separate return.
The second question and answer focuses on Child Tax Credit payments and what to do if the Child Tax Credit Update Portal says you received the payment when in fact, you did not.
- Question: What do I do if my Child Tax Credit Update Portal shows that a payment was issued, but I never received it?
Answer: Review your payments in the Child Tax Credit Update Portal to ensure the payment was not returned. If you did not receive the payment and the payment was not returned, you may request the IRS to trace the payment. If it is determined the payment was not received or was returned to the IRS, IRS records will be updated, and you can exclude the payment from the aggregate amount of advance Child Tax Credit payments you report on your tax return. This will allow you to claim, if eligible, the missing payment with your Child Tax Credit on your 2021 return. Contact the IRS, as soon as possible, from 7 a.m. to 7 p.m. local time at 800-908-4184. When you call the IRS, you must provide the following information about the missing payment: the payment date, method, status, and amount that is displayed in your Child Tax Credit Update Portal.
Along with these updates, the IRS is providing some good news for tax filers that do not have children.
If you do not have children, you can now qualify for a larger tax break.